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Major indices score clean sweep of record highs

|By:, SA News Editor

Stocks pushed to broad gains to close at new highs amid progress on U.S.-China trade negotiations after Commerce Secretary Ross said over the weekend that "good progress" had been made on a phase one U.S.-China trade agreement.

"We've seen head fakes in the past about trade," but the U.S. and China at least appear determined to at least move toward a de-escalation in tensions, which has been supportive of riskier assets, says Art Hogan, chief market strategist at National Holdings.

Energy (+3.2%) powered to the top of today's S&P sector leaderboard as crude oil prices rose on the back of trade optimism and an improved demand outlook; WTI December crude closed +0.6% to $56.54/bbl.

Financial stocks (+0.9%) fared well as the Fed's toned-down language on future rate cuts last week continued to lift banks, with the KBW Nasdaq bank index climbing 2% today.

The S&P 500 industrials (+1.2%)and materials (+0.8%) sectors also posted solid gains, but losses in the defensive-oriented utilities (-1.3%), real estate (-1.1%), consumer staples (-0.9%) and health care (-0.4%) sectors restrained further gains in the broader market.

U.S. Treasury prices fell, as risk-on trading sentiment dimmed demand for save-haven assets; the two-year yield added 3 bps to 1.59% and the 10-year yield jumped 6 bps to 1.79%.

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